Medical tourism market size to reach USD 273.72 billion by 2027 at a CAGR of 12.8%
BANGALORE from India, January 4, 2022 / PRNewswire / – The Global medical tourism market is segmented by Treatment Type (Dental Treatment, Cosmetic Treatment, Cardiovascular Treatment, Orthopedic Treatment, Neurological Treatment, Cancer Treatment, Fertility Treatment): Global Opportunity Analysis and Industry Forecast, 2019-2027. It is published in Evaluate reports under the Medical facilities and services Category.
The size of the global medical tourism market represented $ 104.68 billion in 2019 and should reach $ 273.72 billion by 2027, registering a CAGR of 12.8% from 2019 to 2027 in value.
The major growth factors of the medical tourism market are:
The medical tourism market is growing due to factors such as affordability and cost-effectiveness, immediate treatment, travel opportunities, availability of medical experts, no or limited insurance coverage, and availability of advanced equipment.
In addition, the global medical tourism market is driven by the affordability and accessibility of high quality health treatments, as well as the help of tourism services and local governments.
The medical tourism industry is expected to grow due to the availability of advanced medical technologies in medical tourism centers around the world.
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TRENDS AFFECTING THE GROWTH OF THE MEDICAL TOURISM MARKET:
The availability of lower cost treatment options combined with better quality care is the main reason for the growing popularity of the medical tourism market. The main reason for the drop in treatment costs at medical tourism sites is the low cost and easy availability of manpower.
During the forecast period, the fertility treatments section of the medical tourism market is expected to increase. One of the most common therapies that medical tourists choose to cross overseas is fertility treatment. Fertility tourism, sometimes referred to as reproductive tourism, is one of the fastest growing segments of the tourism industry.
Since cosmetic surgery is not covered by most health insurance policies and must be paid for in cash, lower costs in other countries appeal to international patients. They save money by traveling and enjoying therapy at a lower cost while enjoying leisure activities in the destination country. This trend is expected to increase the medical tourism market.
Additionally, people without or with limited insurance coverage who cannot afford to pay for health care in their home country choose to seek care in other countries.
The preference for confidentiality or anonymity of patients undergoing surgeries, especially cosmetic procedures, is expected to boost the medical tourism market. People take vacations for medical treatment to avoid inquiries from friends and family about needed surgery. People who choose cosmetic procedures such as breast augmentation do not want to tell others about it.
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MEDICAL TOURISM MARKET SHARE:
Depending on the region, Asia Pacific should be the most lucrative. This is due to the availability of high quality care at a reasonable cost of treatment, the availability of low cost flights, and an increase in online marketing and consumer information about medical services. market growth in the region.
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- Aditya Birla Memorial Hospital,
- Apollo Hospitals Enterprise Limited,
- Asian Heart Institute,
- Barbados Fertility Center,
- Fortis Health Limited,
- KPJ Healthcare Berhad,
- Tokyo NTT Medical Center,
- Prince Court Medical Center,
- Samitivej PCL,
- Seoul National university Hospital,
- Wooridul Spine Hospital.
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- the North America medical tourism market represented $ 20,279 million in 2016, and should reach $ 52,786 million by 2023, registering a CAGR of 14.4% from 2017 to 2023.
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